The property company has set the coupon on the five-year bond at 9.27 percent and 9.87 percent.

Indra said preliminary marketing showed investor demand was three times more than what the company was planning to make available.

Agung Podomoro has not yet decided whether to increase the size of the notes, Indra said. “It is being discussed, but no decision yet,” he said.

The yield of the government’s five-year bond was at 5.3087 percent on Tuesday compared with 5.298 percent the previous day, according to data from the Indonesia Bond Pricing Agency. Bond yields and prices move inversely.

Indra said two weeks ago that the company would use some of the proceeds from the upcoming bond sale to finance land purchases. The company is targeting two or three plots in Jakarta.

Many Indonesian property companies have been making aggressive business moves of late as they look to cater to growing demand among Indonesians for property and housing.

Agung Podomoro plans to offer the notes to investors on Aug. 9 and 10. It expects to list the bonds on the local bourse on Aug. 16.

Shares of the company fell 3 percent to Rp 345 on the Indonesia Stock Exchange (IDX) on Tuesday in Jakarta.

A recent survey showed that a significant number of high school students support establishing a global Islamic State. Do you believe that the Indonesian government should introduce a curriculum starting from elementary school to counter radicalization?